Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats at 1400, a 30-unit apartment complex located in Hialeah, Florida. SUBJECT PROPERTY The Flats at 1400 is a single folio number comprised of four adjacent apartment buildings totaling 14,777 square feet of living area and encompassing a 30,492 square-foot lot, according to the Miami Dade Property Appraise¬r. The property consists of three, two-story buildings and one single story building totaling 30-units, which were constructed in 1962-1966 of concrete block and painted stucco with wall air conditioning units and shingle roofs. Units are older-vintage and feature ceramic tile flooring and electric appliances. The Flats at 1400 also offers 31 marked parking spaces, as well as overflow parking on the east side of the 1400 building and the community offers on-site laundry facilities for residents and guests. The unit mix consists of (29) one-bedroom | one-bathroom apartments with an average in-place rent of only $1,170 per month and (1) three-bedroom | one-bathroom apartment with an in-place rent of only $1,600 per month. LOCATION The Flats at 1400 is located at 1400 W 29th Street, just north of Okeechobee Road and west of Ludlam Road in Hialeah, Florida. The surrounding neighborhood consists primarily of similar vintage multifamily properties and various commercial properties, as well as several new developments such as Legacy Las Palmas (a 226-unit multifamily complex built in 2018, Pura Vida (a mixed-use property built in 2021 entailing 260-units and 11,000 square feet of ground floor retail) and the Ecco Lofts (an approved project that will comprise 120 apartments across three, three-story buildings). The location provides easy access to major thoroughfares including the Palmetto Expressway (FL-826), Red Road, Florida’s Turnpike and Interstate-75. The Flats at 1400 is located just a short walk west from the dual branded CVS/Navarro Pharmacy (0.2 miles) and Presidente Supermarket (0.5 miles). Nearby points of interest include the Westland Mall (1.6 miles), Walmart Supercenter (2.0 miles), Hialeah Park & Casino (2.5 miles), Milander Park & Aquatic Center (3.1 miles), Amelia Earhart Park & Miami Watersports Complex (4.0 miles) and the Miami International Airport (5.0 miles). Westland Mall is a popular shopping and dining destination in Hialeah featuring many national retailers and restaurants. Milander Park is a 19.2 acre recreational facility providing the community with lighted basketball courts and fields, children’s playground and Ted Hendricks Stadium. The Milander Center for Arts & Entertainment is also located at the park and is commonly used for weddings, performances, large scale conferences as well as various city events. Amelia Earhart Park & Miami Watersports Complex are also popular destinations within Hialeah. The park features bike trails, disc golf, a fishing pier, 90-acre lake, playground, picnic pavilions, lighted soccer field, sand volleyball court, bark park and wi-fi. Local education centers near Flats at 1400 include the James H. Bright Elementary School (0.7 miles), Henry H. Filer Middle School (1.1 miles), JW Johnson Elementary School (1.2 miles) and Miami Springs Senior High School (1.9 miles). Nearby colleges and universities include Florida National College (1.2 miles) and Miami Dade College – Hialeah Campus (1.7 miles). Nearby medical centers include Hialeah Hospital (3.1 miles) and Palmetto General Hospital (3.4 miles). SUMMARY The Flats at 1400 is being offered for sale at an asking price of $4,950,000 or $165,000 per unit.